S&P/Case-Shiller published its home price indices this morning. The C-S U.S. National Home Price Index fell 3.2% in the first quarter of 2010, but remains 2.0% above the first quarter of 2009. Nationally, housing prices have rebounded from crisis lows, but recently have seen renewed weakness as tax incentives end and foreclosures climb.

On a more optimistic note, west coast cities continue to outperform the nation as a whole. Los Angeles, San Diego, and San Francisco have recovered 7.2%, 10.9%, and 16.2%, respectively, from recent lows. San Diego, in particular, has seen increasing home prices for eleven consecutive months.

Portland, on the other hand, reached its lowest index point since April 2005, was 2.8% below March 2009 and 23.0% below the high point in July 2007. Seattle’s recent experience mirrors Portland’s.

What do you think will happen to the Portland numbers next month?